Ergomed plc Ergomed notes news from co-development partner
24 October 2016 - 5:00PM
RNS Non-Regulatory
TIDMERGO
Ergomed plc
24 October 2016
PRESS RELEASE
FOR IMMEDIATE RELEASE
Ergomed notes co-development partner Dilaforette's intention to
conduct an Initial Public Offering and change of name to Modus
Therapeutics
London, UK - 24 October 2016: Ergomed plc (LSE: ERGO) ('Ergomed'
or 'the Company'), a clinical trial services and drug development
company, is pleased to note that its co-development partner
Dilaforette has today announced its intention to undertake an
Initial Public Offering and change its name to Modus Therapeutics
Holding AB.
A rights issue is planned in connection with the IPO in order to
finance the further clinical development of Modus Therapeutics' and
Ergomed's co-development product sevuparin, currently in a phase 2
clinical trial, for the treatment of sickle cell disease ("SCD").
As co-development partner, Ergomed co-invests into the trial in
return for an equity stake in Modus Therapeutics, and is a
shareholder in the company.
Dr. Miroslav Reljanovic, Chief Executive Officer of Ergomed,
said:
"We are delighted to see our co-development partner Modus
Therapeutics making significant progress as it plans an Initial
Public Offering. The Company's planned rights issue to help finance
sevuparin for the treatment of sickle cell disease is welcomed by
Ergomed as we jointly seek to advance the treatment through
clinical development."
The full text of the announcement from Modus Therapeutics is as
follows:
Dilaforette changes name to Modus Therapeutics and announces
intention to conduct an Initial Public Offering
STOCKHOLM - October 20, 2016: Dilaforette Holding AB, a
clinical-stage drug development company, today announced its name
change to Modus Therapeutics Holding AB and its intention to
undertake an Initial Public Offering ("IPO"). A rights issue is
planned in connection with the IPO in order to finance the further
clinical development of the Company's lead candidate sevuparin for
the treatment of sickle cell disease ("SCD").
Commenting on today's announcement, Christina Herder, CEO of
Modus Therapeutics, said: "Modus Therapeutics is entering an
exciting phase with the opportunity to develop sevuparin in sickle
cell disease in two separate uses based on promising data, recently
published in the British Journal of Haematology (Telen et al,
August, 2016). Sevuparin is now in Phase II clinical trials and we
have a clear objective to advance this promising candidate through
these trials to establish clinical proof of concept in both a
hospital and a home setting over the next years."
Viktor Drvota, Chief Investment Officer at Karolinska
Development and recently elected as new member of Modus
Therapeutics Board of Directors, said: "Modus Therapeutics has
established a strong basis with sevuparin in SCD from which to
advance to the next value inflection milestones.
The proposed IPO would provide further support to the Company to
build on its encouraging clinical findings with sevuparin and
develop a potentially best- and first-in-class treatment for SCD
patients with few effective therapeutic options. Modus Therapeutics
is one of several companies in our portfolio that are expected to
deliver important milestones in the coming years and we are
delighted with how this portfolio is maturing."
Enquiries:
Ergomed plc Tel: +44 (0) 1483
503205
Miroslav Reljanovic (Chief Executive
Officer)
Stephen Stamp (Chief Financial
Officer)
Numis Securities Limited Tel: +44 (0) 20
7260 1000
Michael Meade / Freddie Barnfield
(Nominated Adviser)
James Black (Joint Broker)
Stifel Nicolaus Europe Limited Tel: +44 (0) 20
7710 7600
Jonathan Senior (Joint Broker)
FTI Consulting - for UK enquiries Tel: +44 (0) 20
3727 1000
Simon Conway / Mo Noonan
MC Services AG - for Continental Tel: +49 (0) 211
European enquiries 52925222
Anne Hennecke
About Ergomed
Ergomed plc is a profitable UK-based business providing drug
development services to the pharmaceutical industry and has a
growing portfolio of co-development partnerships. It operates in
over 50 countries.
Ergomed provides clinical development, trial management and
pharmacovigilance services to over 100 clients ranging from top 10
pharmaceutical companies to small and mid-sized drug development
companies. Ergomed successfully manages clinical development from
Phase I through to late phase programmes.
Ergomed has a wide therapeutic focus, with a particular
expertise in oncology, neurology and immunology and the development
of orphan drugs. Ergomed believes its approach to clinical trials
is differentiated from that of other providers by its innovative
Study Site Management model and the use of Study Physician Teams,
resulting in a close relationship between Ergomed and the
physicians involved in clinical trials.
As well as providing high quality clinical development services,
Ergomed is building a portfolio of co-development partnerships with
pharma and biotech companies which share the risks and rewards of
drug development. Ergomed leverages its expertise and services in
return for carried interest in the drugs under development. Lastly,
Ergomed recently acquired a pipeline of proprietary development
products for haemostasis in surgical settings. For further
information, visit: http://ergomedplc.com.
About Modus Therapeutics
Modus Therapeutics is a clinical-stage drug development company
developing new pharmaceutical therapies designed to restore
impaired blood flow and oxygen transport in rare diseases with
large unmet medical need. The Company's most advanced candidate,
sevuparin, is currently being evaluated in a Phase II clinical
trial in sickle cell disease (SCD). Repeated painful crises in SCD,
so called vaso-occlusive crises ("VOC"), leads to loss of vital
organ function and often significantly reduced life span.
Modus Therapeutics is based in Stockholm. The Company's major
shareholders are KDev Investments AB (an investment fund jointly
owned by Karolinska Development AB and Rosetta Capital),
Östersjöstiftelsen (The Foundation for Baltic and East European
Studies), and Praktikerinvest PE AB. For more information, please
visit www.modustx.com
This information is provided by RNS
The company news service from the London Stock Exchange
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